Bell Partners Acquires Annapolis Asset
The company purchased the now rebranded Bell Annapolis on West, a 300-unit community. Including this property, Bell Partners has completed $645 million in multifamily acquisitions in 2017.
By IvyLee Rosario
Bell Annapolis on West
Bell Partners Inc. acquired The Point at Annapolis in Annapolis, Md. on behalf of its Fund VI investors. The community has been renamed Bell Annapolis on West and will also be managed by Bell Partners. The 300-unit community features studio, one-, two- and three-bedroom floorplans ranging from 567 to 1,300 square feet across three four-story buildings. Originally built in 2006, Bell Annapolis on West is currently at a 94 percent occupancy, according to Yardi Matrix.
Property Features
Interior features include nine-foot ceilings, 42-inch cabinets, granite countertops, stainless steel appliances, washer/dryers, fireplaces and private balcony/patios. Along with its 19,000 square feet of on-site retail such as Starbucks, a yoga studio and complimentary shops, residents have access to amenities such as:
- clubhouse
- fitness center
- movie theater
- club room
- business center
- social lounge
- coffee bar
- resort-style pool
- sundeck
- courtyards
- grilling areas
- fenced dog park
“We are pleased to add another high quality asset to our rapidly expanding Washington metro portfolio,” said Nickolay Bochilo, senior vice president of investments for Bell Partners. “We see the acquisition of Bell Annapolis on West as an opportunity to generate attractive current return with upside driven by upgrades to the property’s amenity offerings and unit interior finishes.”
The community is within close proximity to downtown Annapolis, as well as job and lifestyle amenities such as Whole Foods, Target, Trader Joe’s, a Westfield-owned mall, national and local restaurants, the Naval Academy and the Anne Arundel Medical Center. Residents of Bell Annapolis on West can reach Washington, D.C., by Route 50, Baltimore by Interstate 97 and Fort Meade.
The property last traded hands in 2012, when Pantzer Properties purchased the community from Wood Partners for $68 million. Including the acquisition of Bell Annapolis on West, Bell Partners has completed $645 million in multifamily acquisitions in 2017.
Image courtesy of Bell Partners Inc.
